On Monday, New York Attorney General Letitia James announced a $2 billion settlement with bankrupt cryptocurrency firm Genesis Global. 🏛️ This settlement comes in response to allegations that Genesis defrauded investors, including New Yorkers.

AG James stated that this agreement is the largest anti-crypto company settlement in New York history. The settlement aims to compensate investors who were allegedly misled and defrauded by Genesis. 🎯

The settlement also prohibits Genesis from doing business in New York state. The Victims Fund was established to assist investors who were misled by Genesis.

The fund will benefit 29,000 New Yorkers who have invested over $1.1 billion through the Gemini Earn investment program. The fund will be funded by Genesis' remaining asset distributions after the company receives initial bankruptcy payments to its creditors.

If creditors are not fully compensated based on the current value of digital assets, the fund will receive up to $2 billion from Genesis' remaining assets. This money will be distributed to compensate creditors for their actual losses until the fund is exhausted.